A SIX MONTH HIGH, DUE TO THE SITUATION IN IRAN The price of Brent crude passes 116 dollars/barrel

The price of Brent crude, traded on the London Energy Exchange, yesterday climbed to a six-month high, above 116 dollars/barrel, amid the threats of Iran that it would prohibit the export of crude oil to some European countries. The evolution of the price of crude also came from the fears concerning supply, in the context of extremely low temperatures in Europe.

The price of Brent crude with March delivery climbed 0.4% at 17:30 (Romanian time), on the ICE Futures Europe in London, to 116.33 dollar/barrel. Price had previously reached 116.70 dollars barrel - the highest since August 2011.

Analysts say that the price of oil traded in London is influenced by the geopolitical events which concern Iran and the Middle East, as well as the extremely low temperatures in Europe, a situation which could persist. But specialists also warn that the rise could be short-lived, given the worries over Greece's potential default, which would affect demand for oil.

The Iranian parliament yesterday announced that it was ready to prohibit the exports of oil to some European countries, in reaction to the announcement made by the EU that it would introduce an embargo on the imports of oil from Iran, starting with July 1st. The announcement came after American president Barack Obama announced on Monday that it was tightening sanctions on Iran, granting the Federal Reserve and American banks the right to freeze assets of the government in Teheran.

Yesterday, on the New York Mercantile Exchange, the price of oil with March delivery fell 0.1%, at 10:08, to 96.80 dollars barrel. Since the beginning of the year, the price of oil fell over 2% on the American market.